Equity Research, Broker Reports, and media content on Grainger plc

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  • 21 Apr 20
First quarter of 2020

The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.

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  • 20 Feb 20
Grainger

Acceleration to scale; NTA premium pricing this

Companies: Grainger plc
  • 05 Feb 20
Grainger

AGM statement – good start to the year

Companies: Grainger plc
  • 27 Jan 20
Grainger

10% premium to NTA pricing in near-term outlook

Companies: Grainger plc
  • 05 Dec 19
Grainger

Acquisition in Cardiff for £57m; 7% gross yield

Companies: Grainger plc
  • 28 Nov 19
Another acquisition in East London; PT upgrade

Grainger has announced another forward-funded acquisition within Canning Town, this time a 132-home PRS development in Hallsville Quarter for ~£55m (5.5% gross yield), complementing its existing PRS developments in this area (Argo Apartments, Hallsville Quarter phase 1). We leave our forecasts are unchanged (not updated post yesterday’s prelims), but upgrade our PT from 290p to 305p, pricing the shares at a ~10% premium to EPRA Net Tangible Assets. Buy.

Companies: Grainger plc
  • 27 Nov 19
FY19 prelims – earnings 3% ahead of consensus

FY19 prelims have come in line. Key highlights include: NRI ~3% below our forecasts, but offset by disposal profits being ~6% ahead, resulting in an adj. op. profit beat of 3.4% . Adj. PBT was in line with our estimates, and 3% ahead of BB cons. EPRA NNNAV grew 1% LFL to 272p (post rights-issue). With the shares up 33% YTD, and tracking close to our 290p PT (unchanged), we acknowledge the shares are up with events. However, we leave our Buy stance unchanged noting the potential that exists for t

Companies: Grainger plc
  • 19 Nov 19
Planning application submitted for Lewisham development

Grainger has confirmed that a detailed planning application to develop on Besson Street (New Cross Gate, Lewisham) has now been submitted as part of its 50/50 JV with the London Borough of Lewisham. The scheme will include 324 new homes (35% affordable), as well as 5,000 sq. ft of amenity space. Subject to planning permission, construction is expected to start in April 2021 with completion anticipated for April 2024. We make no changes to our forecasts and leave our Buy rec unchanged, noting tha

Companies: Grainger plc
  • 23 Oct 19
Earnings rebased ~7%/9% for FY20/21e; more conservative stance taken

We update our forecasts for Grainger following the Sept trading update and CMD, revising down our net rental income estimates by ~8%/10% for FY20/21e taking a more conservative view over the lag between passing rents vs. NRI materialised. As a result our adj. PBT estimates fall by ~7%/9% for FY20/21e, which moves us from the top-end of consensus to the middle of the range. We retain our Buy rec and 290p PT, seeing moderate upside (~8%) at current levels noting the recent bounce in the shares ove

Companies: Grainger plc
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 30 Sep 19
£42m acquisition generates scale in Sheffield

Grainger has announced a £42m forward-funded acquisition of a 284- home PRS development in Sheffield (gross yield ~7% on cost), complementing its existing presence in the region. We make no forecast changes at this stage, and with the shares trading at a ~13% discount to our FY20e EPRA NNNAV, we continue to believe this undervalues the company’s sector-leading positioning in the PRS market, reiterating our Buy rating.

Companies: Grainger plc
  • 27 Sep 19
Trading update shows good rental growth, leasing ahead of expectations, new acquisition

Grainger has released a trading update to the end of August reporting LFL rental growth of 3.4% (ahead of our forecasted 3% for FY19e), leasing ahead of expectations at its new schemes in Bristol, Manchester & Hampshire, and a complimentary acquisition also in Bristol. We leave our forecasts unchanged at this stage, though we note we are ahead of consensus for FY20 and reiterate our Buy recommendation seeing value at current levels.

Companies: Grainger plc
  • 23 Jul 19
Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

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  • 15 Jul 19
Update to £34m forward funded acquisition in Leeds

Grainger has announced that construction has now commenced at its 216-home PRS development in Leeds, which is being forward funded for £34m. The scheme (known as Fabrik) is anticipated to generate gross yield on cost in excess of 6.5% once stabilised, with completion anticipated for late 2021. We highlight the fact that this development builds on Grainger’s existing presence in Leeds (complimenting its 242-home Yorkshire Post development, also anticipated to complete in 2021) giving the company

Companies: Grainger plc
  • 22 May 19
Earnings rebased 16-22% post interims; maintain strong Buy

Following the interims last week, we rebase our earnings by 15.8% for FY19E and 21% - 22% for FY20-21E to reflect disposal profits in H1 19 being lower than expected, and updated assumptions on net rental income post the interims. We make other small changes (explained below) which repositions EPRA NNNAV from 287p to 283p in FY19E and from 306p to 299p in FY20E. Though we move from the top-end to the middle of consensus earnings, we remain buyers of Grainger seeing significant scope for a re-rat

Companies: Grainger plc

Grainger plc

Company Profile

  • Personnel
  • Andrew R Cunningham, CEO
  • Robin Broadhurst, Chairman
  • Mark Greenwood , Finance Director
  • Vanessa Simms, Finance Director
  • John Kenny, COO

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Grainger plc. We currently have 127 research reports from 8 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
12May22 07:00 RNS Grainger PLC - Half Year Financial Results
06May22 10:48 RNS Grainger PLC - Director/PDMR Shareholding
21Apr22 14:15 RNS Grainger PLC - Holding(s) in Company
07Apr22 12:01 RNS Grainger PLC - Director/PDMR Shareholding
01Apr22 12:08 RNS Grainger PLC - Block listing Interim Review
25Mar22 07:00 RNS Grainger PLC - Notice of Interim Results
07Mar22 12:05 RNS Grainger PLC - Director/PDMR Shareholding
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  • 21 Apr 22
LIBERUM: Emmerson* - Initiation - Best-in-class independent potash play


Companies: Emmerson Plc
  • 18 May 22
Continued capital redistribution story to offset weak profitability?

Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.

Companies: Aviva plc
  • 16 May 22
LIBERUM: Plus500* - Strong trading leads to FY22 upgrades


Companies: Plus500 Ltd.
  • 11 May 22
Cenkos: Duke Royalty Ltd -- Majestic Royalty Expansion

Duke has raised £20m in new equity capital, subject to shareholder approval, to fund their continued expansion. The new capital will also support the company's target of increasing their debt facility by a further £25m, and therefore providing a total of £45m of new capital to invest. The increasing scale and diversification of the portfolio is forecast to eventually increase free cash flow per share once full deployment has taken place and will allow Duke to seek a reduction in its debt facilit

Companies: Duke Royalty Limited
  • 20 May 22
Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG

  • 10 May 22
Hybridan Small Cap Feast 10/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more

Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH

  • 16 May 22
Hybridan Small Cap Feast 16/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa intends to join the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Due 18th May 2022. EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specifi

Companies: EEE FARN FCAP HZM JLP NSCI SRE

  • 11 May 22
LIBERUM: CLS Holdings* - New dividend policy and proposed tender offer


Companies: CLS Holdings plc
  • 11 May 22
LIBERUM: Civitas Social Housing* - New lease clause to increase risk-sharing with housing associations


Companies: Civitas Social Housing Plc
  • 09 May 22
SHORE CAPITAL - Downing Strategic Micro-Cap Investment Trust + (DSM) - House Stock at 70p


Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
  • 29 Apr 22
Auctus on Friday - 29/04/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b

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  • 12 May 22
SHORE CAPITAL - H&T Group+ (HAT, House Stock, 364p)


Companies: H&T Group plc
  • 03 May 22
The Hardman & Co Monthly: May 2022

Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.

Companies: VTA TRX SCE STX AVO ARBB PANR RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI

  • 16 May 22
HgCapital Trust - The King of ‘Dulltech’

HgCapital Trust’s (HGT’s) sector expertise has allowed it to consistently deliver strong performance, with a 10-year NAV total return (TR) at 17.6% per year (with 30.9% over the last 12 months), materially above the FTSE All-Share of 7.2% per year and LPX Europe NAV Index of 11.5% per year. Importantly, this has largely been driven by top-line and earnings growth (90% of returns on HGT’s software and services holdings exited in 2001–2022 ytd) rather than multiple expansion, with five-year EBITDA

Companies: HGCapital Trust PLC
  • 17 May 22
Asset rotation on track

Landsec intends to shift a third of its portfolio from low-yielding mature assets to profitable new developments. Now, all leans on being abe to execute disposals quickly.

Companies: Land Securities Group PLC